{
    "complex": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "Contingent Convertible Bonds",
        "Currency Hedging",
        "Active Management with ESG Overlays"
    ],
    "classification": "complex",
    "supporting_data": "The ETF is classified as complex primarily due to its investment in contingent convertible bonds (CoCos), which introduce additional complexity through their conversion mechanisms and potential write-down features. While the ETF uses physical replication for its core strategy, the inclusion of CoCos (up to 5% of NAV) and the active management approach with ESG overlays add layers of complexity. The currency hedging, while common, also introduces derivative exposure. The risk profile (category 4) and the mention of potential tracking error further support the complex classification. The fact that the ETF is UCITS-compliant does not automatically make it non-complex, as UCITS funds can still contain complex elements.",
    "confidence": 85
}